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HOUSTON, Nov. 8, 2010 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., d/b/a BPZ Energy (NYSE:BPZ), announces financial and operating results for the third quarter ended September 30, 2010. For the third quarter the Company reported operating loss of $50.4 million and net loss of $43.7 million or $(0.38) per share. The Company had earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and one-time charges (EBITDAX) of $7.6 million for the third quarter ended September 30, 2010. These third quarter one-time charges are discussed in more detail in this press release. See the reconciliation and rationale for this non-GAAP measure in the table below.

The table below illustrates the Company's Consolidated Statements of Operations for the third quarter ended, and year-to-date as of, September 30, 2010 and 2009.

BPZ Resources, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2010

2009

2010

2009

Revenue

$ 26,688

$ 13,088

$ 73,130

$ 37,362

Operating and administrative expenses:

Lease operating expense

10,967

9,591

21,309

21,445

General and administrative expense

8,545

8,474

24,774

24,956

Geological, geophysical and engineering expense

6,113

297

7,016

1,195

Dry hole costs

32,059

--

32,059

--

Depreciation, depletion and amortization expense

6,659

5,881

24,193

19,267

Other expense

12,738

--

12,738

--

Total operating expenses

77,081

24,243

122,089

66,863

Operating loss

(50,393)

(11,155)

(48,959)

(29,501)

Other income (expense):

Income (expense) from investment in Ecuador property, net of amortization

305

172

611

79

Interest expense

(2,821)

--

(8,510)

--

Amortization of deferred financing costs

--

--

--

--

Registration delay expense

--

--

--

--

Interest income

101

159

171

187

Other income (expense )

17

70

28

(1,243)

Total other income (expense), net

(2,398)

401

(7,700)

(977)

Loss before income taxes

(52,791)

(10,754)

(56,659)

(30,478)

Income tax benefit

(9,132)

(1,792)

(6,964)

(4,654)

Net loss

$ (43,659)

$ (8,962)

$ (49,695)

$ (25,824)

Basic and diluted net loss per share

$ (0.38)

$ (0.08)

$ (0.43)

$ (0.26)

Weighted average common shares outstanding

115,405

113,929

115,321

99,391

Financial Highlights from Quarter Ended September 30, 2010

Production and Revenue

For the three months ended September 30, 2010, the Company's net revenue increased by $13.6 million to $26.7 million from $13.1 million for the same period in 2009. The increase in net revenue is due to an increase of 192 MBbls of oil sold at $66.84 per barrel, an increase of $3.74, or 6%, in the realization.